Ex-Apple lawyer guilty of insider trading gets a slap on the wrist, avoids prison

AppleInsiderAppleInsider
Posted:
in General Discussion

Gene Levoff was in charge of policing insider trading at Apple while he performed the illegal act in the background, but got off easy with four years of probation.

Gene Levoff. Source: Bloomberg
Gene Levoff. Source: Bloomberg



In 2018, Apple's director of corporate law, who is partially responsible for policing insider trading, was accused of making trades with confidential information. Apple suspended Gene Levoff in July then fired him in September after an investigation.

After appeals and trials in the years since Bloomberg reports Gene Levoff has finally been sentenced. He was facing a maximum of 20 years in prison and a $5 million fine for each of the six counts of fraud but ended up getting four years of probation.

Between 2011 and 2016, Levoff made around $227,000 in profits and avoided $377,000 in losses. He was able to make such moves thanks to his early access to earnings reports and secret sales figures.

Levoff tried to argue the charges were unconstitutional at first, then tried a hail mary attempt at getting the charges dismissed. Every attempt failed, and he ultimately pled guilty to all six charges in 2022.

Levoff was facing as much as 120 years in prison. Four years of probation outside of prison walls is a lucky break for the former lawyer, who shared how "deeply ashamed" he is for his actions.

Read on AppleInsider

Comments

  • Reply 1 of 11
    wonkothesanewonkothesane Posts: 1,738member
    I’m sure there’s a lesson in there somewhere…
    bafreed
  • Reply 2 of 11
    charlesncharlesn Posts: 1,063member
    Well, this should send a clear and powerful message to aspiring white collar criminals everywhere: If you can't do the time, definitely DO the crime, since there's essentially no penalty for trying and getting caught! Unfriggin-believable. Someone caught stealing a Macbook at an Apple store would get a stiffer sentence. 
    bafreeddewmeronnAlex_Vdanoxwatto_cobraStrangeDaysjony0
  • Reply 3 of 11
    bafreedbafreed Posts: 3member
    Sigh. Thinking of the book “The Divide” by Matt Taibbi. If this one article didn’t convince you that money has redefined justice the book certainly will! 
    Alex_Vbyronlgatorguywatto_cobraStrangeDaysjony0
  • Reply 4 of 11
    godofbiscuitssfgodofbiscuitssf Posts: 90member
    bafreed said:
    Sigh. Thinking of the book “The Divide” by Matt Taibbi. If this one article didn’t convince you that money has redefined justice the book certainly will! 
    Indeed, redefined "investigative journalism" as well, see "Twitter Files" by, uh, Matt Taibbi.
    watto_cobra
  • Reply 5 of 11
    XedXed Posts: 2,820member
    When a failed insurrection gets lawyers off with a slap on a wrist and a pinky swear that you'll testify against someone else why expect anything from some white collar insider trading?
    Alex_Vdanoxwatto_cobrajony0
  • Reply 6 of 11
    kempathonnodgekempathonnodge Posts: 19member
    charlesn said:
    Well, this should send a clear and powerful message to aspiring white collar criminals everywhere: If you can't do the time, definitely DO the crime, since there's essentially no penalty for trying and getting caught! Unfriggin-believable. Someone caught stealing a Macbook at an Apple store would get a stiffer sentence. 
    Spot on. Most, if not all, criminals have experienced a lifetime of difficulties and their criminality is not chosen, but often criminal acts of stealing, for example, are the least worst of very limited options. This guy, whilst probably had something going on that pushed him down this route, committed a knowingly huge offence and then chose to lie to the court. Without his power, money and privilege, he’d have gone to jail for a long time.

    This is why our minority brothers and sisters are so disillusioned and angry. Often held back or limited in their access to financial security, when compared to those born into privilege (and I speak from a position of white privilege). Where is their leniency or opportunity to fight the courts for far smaller crimes?

    money = power. 
    Until that changes, we will all continue to see our planet, mental health in our children and communities destroyed. I recommend Gabor Mate’s “the myth of normal”… 

    If you think this is wrong… well the 15 year ago me would have agreed with you. I’ve been lucky enough to work with people and recognise that we are all entitled to a good and enjoyable life, but that our current systems of power actively deny people that basic right, to the benefit of the few. 
    gatorguybeowulfschmidtauxioronnwatto_cobrajony0
  • Reply 7 of 11
    danoxdanox Posts: 3,272member
    Gentleman's crime....The modern police force/justice system as we know it was designed to keep the (relatively poor) Cockney Eastenders in line.
    edited December 2023 watto_cobra
  • Reply 8 of 11
    auxioauxio Posts: 2,754member
    kempathonnodge said:
    charlesn said:
    Well, this should send a clear and powerful message to aspiring white collar criminals everywhere: If you can't do the time, definitely DO the crime, since there's essentially no penalty for trying and getting caught! Unfriggin-believable. Someone caught stealing a Macbook at an Apple store would get a stiffer sentence. 
    Spot on. Most, if not all, criminals have experienced a lifetime of difficulties and their criminality is not chosen, but often criminal acts of stealing, for example, are the least worst of very limited options. This guy, whilst probably had something going on that pushed him down this route, committed a knowingly huge offence and then chose to lie to the court. Without his power, money and privilege, he’d have gone to jail for a long time.

    This is why our minority brothers and sisters are so disillusioned and angry. Often held back or limited in their access to financial security, when compared to those born into privilege (and I speak from a position of white privilege). Where is their leniency or opportunity to fight the courts for far smaller crimes?

    money = power. 
    Until that changes, we will all continue to see our planet, mental health in our children and communities destroyed. I recommend Gabor Mate’s “the myth of normal”… 
    It's called capitalism for a reason. We become what we define ourselves to be. And unconsciously or consciously, through groupthink or personal agendas, the vast majority have let the pursuit of capital become them, equating that with personal freedom, and lost a big part of their humanity (knowing right from wrong, genuine connections with others, sense of what'll lead to a better future for the next generation) along the way.
    muthuk_vanalingamronnwatto_cobragatorguyjony0
  • Reply 9 of 11
    larryjwlarryjw Posts: 1,036member
    The judges, the defense lawyers, the prosecuting attorneys come from the same tribe as Gene Levoff. He's "one of us". 

    And, he didn't even immediately cop a plea. He tried to excuse it as the law was unconstitutional!!! "I'm rich. Laws don't apply to me". 

    Sounds familiar, doesn't it?
    gatorguyStrangeDays
  • Reply 10 of 11
    StrangeDaysStrangeDays Posts: 13,045member
    it’s the lawyers club. Ridiculous 
  • Reply 11 of 11
    hexclockhexclock Posts: 1,305member
    Xed said:
    When a failed insurrection gets lawyers off with a slap on a wrist and a pinky swear that you'll testify against someone else why expect anything from some white collar insider trading?
    Oh please. Who show up for an insurrection without any firearms? Get over it. 
Sign In or Register to comment.